Riyadh property group launches Mada Residences project in Dubai

Riyadh-based construction and property group Abdul Rahman Saad Al-Rashid & Sons has launched its first major property project in Dubai.

The group is to build a residential apartment block known as Mada Residences in Downtown Dubai containing 193 one-, two-, three- and four-bedroom units.

Al Rashid is a 59-year old enterprise best known for its contracting business, Rashid Trading & Contracting Company, which employs more than 20,000 staff. The group also owns the 1.5 million-square foot Al Rashid Mega Mall in Medina and several residential property developments in Riyadh.

The Dubai project is being undertaken by Artar Real Estate Development – a division set up in 2014. Its chief executive, Sulaiman Abdulrahman Al Rashid, said: “Mada Residences is the company’s first premium residential offering in Dubai and boasts all the hallmarks of our construction excellence that has made us such a force in Saudi Arabia.”

No start date, contract value or completion date for the project was given by the company.